An overcrowded beach is an example of
a. a positive externality.
b. a Tragedy of the Commons.
c. an environmentally inefficient allocation of resources.
d. an economically unfair allocation of resources.
b
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A rise in the price level
A) raises the buying power of money. B) decreases the prices of exports. C) lowers the buying power of money. D) increases aggregate demand. E) makes the aggregate demand curve steeper.
The measure of production that values output using base-year prices is called
A) underground GDP. B) nominal GDP. C) real GDP. D) value-added GDP.
Purchasing power parity may not hold in practice due to all of the following except
A) transportation costs. B) cross-country differences in environmental regulations. C) trade barriers like tariffs and quotas. D) the existence of non-traded goods.
Social Security taxes are paid by
A) employers only. B) employees only. C) both employers and employees. D) neither employers nor employees.